Financial Facts: Top 10 reasons to not buy a home

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10. You enjoy paying your landlord's mortgage. Someone owns the place that you live in and that someone most likely has a mortgage. So your rent money goes to pay that mortgage, plus I would bet the landlord puts a few bucks in his pocket each month.

9. You enjoy having your rent increase each year. I am willing to bet that each year you have had or will see your monthly rent payment increase. The property owner knows that owning real estate in the High Country is a great place to own rental property.

8. Appreciation in the property value does not appeal to you. This is very simple, as the years go by the resale value of the property goes up and when the property sells the current owner will reap the increase in value. As a further example, I know of someone who owned his or her home for 10 years. When the home was sold recently, the home had appreciated $1,500 a month, every month, for the 10 years they owned the property. That adds up to $180,000 over the 10-year period.

7. Being a member of the HOA is subversive. As a renter you have all the rights to voice your opinion as to how the Home Owner's Association is being run, or might I say you have all the rights as the guy who owns property down the street. As a homeowner you will have a say, and a vote, on what happens in the area you own. As a renter you might as well look into a mirror and make your suggestions.

6. You like looking at shag carpeting. As a renter you get what you see. If the carpet is orange shag when you move in, it will most likely be orange shag when you move out. Same thing for the avocado-colored stove and other appliances. Or, better yet, over the years the landlord has replaced the appliances, but with different colored ones. The sink is avocado, the stove is baby-poo yellow, the refrigerator is white and the counter tops are a color that was popular way to many years ago. As an owner, you could have the colors you pick out and therefore not have colors right out of "The Simpson's."

5. You enjoy being last on the list when the HOA makes repairs. I know that if a condo owner calls the HOA for repairs at the same time a renter calls for repairs, guess what, the homeowner usually gets their repair done first. As a renter you are low man on the pole.

4. No pets. In most areas, condos or single-family homes, most renters are not allowed to have a dog or cat. Being that most residents have a pet and you are not allowed to have one, you may be one of the few in the High Country.

3. You enjoy fixing other people's problems. As a renter there may be times when you need to fix a doorknob, leaky faucet or cabinet door. Now I know that these minor problems may not cost a lot of money, but if the property you are renting has been a rental for some time, it just may need a lot of TLC. And many landlords will not deduct from the rent if the door sticks or the faucet drips.

2. You can avoid having friends or relatives come and stay. Many renters are limited to the number of visitors that can come and stay for a few days. As an owner you dictate who comes, who stays and who leaves. Sometimes it is nice to have friends stay over Sunday night and not have to fight the east-bound traffic on that afternoon.

1. The number one reason to not own a home is that you like paying taxes. If you own a home you can deduct the mortgage interest paid to the lender. Because of the interest paid, many homeowners reduce their tax liability and many receive an actual refund due to the mortgage interest. So if you agree with most of the reasons listed above, I suggest you keep on renting.

For answers to your mortgage related questions call Bob Kieber at (970) 453-4700 or email him at rkieber@centennialbanking.com. Bob is a local mortgage lender with Centennial Bank. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country. Member FDIC, Equal Housing Lender. NMLS Bank #401640 Broker #289610. For tax benefit information please consult with a professional tax advisor. The opinions expressed are those of the individual, and do not necessarily reflect those of Centennial Bank.